Regulator sues foreign currency dealers

By Charles Riley, staff reporter


NEW YORK (CNNMoney) -- The U.S. Commodity Futures Trading Commission filed suit Wednesday against 14 foreign exchange dealers it alleges were engaged in illegal currency trading.

The filings are the first flexing of new regulatory muscle afforded the agency under provisions of the Dodd-Frank Wall Street reform bill and the 2008 Farm Bill that went into effect in October.

The suits allege that the firms illegally solicited members of the public to engage in foreign currency transactions, and that they operated without being registered with the CFTC.

The regulatory body filed the enforcement actions in Federal District Courts in Chicago, the District of Columbia, Kansas City and New York.

According to the CFTC, the complaints seek civil monetary penalties, as well as trading and registration bans.

The firms caught in the sweep:

  • EuroForex Development LLC, a Delaware LLC
  • FIG Solutions Limited, Inc., a Delaware corporation
  • ForInvest, a Delaware corporation
  • FXOpen Investments Inc., a Delaware LLC
  • FXPRICE, a Delaware LLC
  • GIGFX, L.L.C., a Delaware company
  • InovaTrade, Inc., a company with purported offices in Florida
  • InstaTrade Corporation or InstaForex, a British Virgin Islands company
  • InvesttechFX Technologies, Inc., a Canadian corporation located in Toronto
  • J&K Futures, Inc., a company with purported offices in California and New York
  • Kingdom Forex Trading and Futures, Ltd., a Nevada company
  • Prime Forex, LLC, a Delaware LLC
  • Wall Street Brokers, LLC, a Delaware LLC
  • ZtradeFX LLC, a Connecticut LLC
  •  To top of page
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